This document presents a comparative study of unit-linked insurance plans (ULIPs) and mutual funds offered by IDBI Federal Life Insurance Co. Ltd. The study aims to analyze the performance, risk, and return relationship of select ULIP and mutual fund products. It finds that the actual performance of HDFC mutual funds was better than IDBI Federal funds over 2008-2015. However, the equity ULIP product was less risky and more closely tracked the index. The conclusion recommends ULIPs for those seeking life insurance with investment returns, and mutual funds for those able to invest regularly after market research. It suggests insurers increase awareness of ULIPs especially among middle-income customers.